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The following Items are necessary for preparing the 2024 year-end adjustments for Rogers Advertising Agency. Rogers's fiscal yearend Is December 31. 1. On July 1,2024
The following Items are necessary for preparing the 2024 year-end adjustments for Rogers Advertising Agency. Rogers's fiscal yearend Is December 31. 1. On July 1,2024 , Rogers recelved $5,700 from a customer for advertIsing services to be given evenly over the next 10 months. Revenues related to other advertising provided during the year total $100,000 2. At the end of the year, Income taxes owed are $6,700. These taxes won't be pald untll next Aprll 15. 3. On May 1,2024 , the company pald $4,440 for a two-year fire and llability Insurance policy. The amount was recorded In Prepal Insurance on May 1. Insurance costs prior to May total $1,260. 4. On September 1,2024 , the company borrowed $17,000 from a local bank and signed a note. Principal and Interest at 9% will be pald on August 31, 2025. 5. At year-end, there is a $2,550 balance In the Supplies account. Only $970 of supplies remains on hand at the end of the year. Required: For each Item, determIne the accounts to be adjusted on December 31,2024, the balances before adjustment, the amount of the adjustment, and the ending balances. Assume no adjustments were previously made during the year. Note: Amounts to be deducted should be Indlcated with a minus sign. The following Items are necessary for preparing the 2024 year-end adjustments for Rogers Advertising Agency. Rogers's fiscal yearend Is December 31. 1. On July 1,2024 , Rogers recelved $5,700 from a customer for advertIsing services to be given evenly over the next 10 months. Revenues related to other advertising provided during the year total $100,000 2. At the end of the year, Income taxes owed are $6,700. These taxes won't be pald untll next Aprll 15. 3. On May 1,2024 , the company pald $4,440 for a two-year fire and llability Insurance policy. The amount was recorded In Prepal Insurance on May 1. Insurance costs prior to May total $1,260. 4. On September 1,2024 , the company borrowed $17,000 from a local bank and signed a note. Principal and Interest at 9% will be pald on August 31, 2025. 5. At year-end, there is a $2,550 balance In the Supplies account. Only $970 of supplies remains on hand at the end of the year. Required: For each Item, determIne the accounts to be adjusted on December 31,2024, the balances before adjustment, the amount of the adjustment, and the ending balances. Assume no adjustments were previously made during the year. Note: Amounts to be deducted should be Indlcated with a minus sign
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